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Genaera Corporation Announces First Quarter Financial Results
Date:5/9/2008

rch and development 3,838 3,470

General and administrative 2,185 1,432

6,023 4,902

Loss from operations (4,714) (4,695)

Interest income 176 367

Loss before income taxes (4,538) (4,328)

Income tax benefit 281 147

Net loss $(4,257) $(4,181)

Net loss per share --

basic and diluted $ (0.24) $(0.24)

Weighted average shares outstanding --

basic and diluted 17,463 17,443

CONDENSED BALANCE SHEETS

(Unaudited)

(In thousands)

March 31, 2008 December 31, 2007

Cash, cash equivalents and short-term

investments $17,098 $20,900

Prepaid expenses and other current

assets 804 356

Fixed assets, net 344 374

Other assets 56 56

Total assets $18,302 $21,686

Current liabilities $2,499 $3,377

Other liabilities 63 70

Stockholders' equity 15,740 18,239

Total liabilities and stockholders'

equity $18,302 $21,686


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SOURCE Genaera Corporation
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